Say Hello To Comrade Riskoff | The Gold Forecast

Say Hello To Comrade Riskoff

August 28, 2014 - 2:24pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This morning we sent out a special trade alert recommending that our subscribers initiate long positions in both gold and silver.

The text below is a section of the trade alert sent today:

Buy gold and silver at market (1290, 19.57 current)

Our recommendation is to maintain our current long positions and   place stops as suggested below:

Stops: Gold below 1274, Silver below 19.30

Gold Market Forecast

Last week we witnessed a dramatic decline as gold prices traded below the critical support level of 1280 per ounce.

The early part of this week witnessed a dramatic upside move in both the U.S. equities markets and the dollar. These two factors would normally put a major damper on any upside move in the precious metals markets. However, as equities continued to climb to new record prices and the dollar stayed strong we saw gold prices moving higher almost in tandem with equities and the greenback.

Over the last two trading days we have seen U.S. equities markets move off their record highs and begin to trade under pressure. As if taking a cue from those markets and renewed concern about Russia and Ukraine, gold moved solidly higher over that same period.

We identified a candlestick pattern simply known as an "engulfing bullish," which formed yesterday and was confirmed today. This pattern, along with other factors involved, prompted us to issue a buy signal this morning, decision that will be detailed on today's show.

Sentiment Indicator: